Oil hits highest level in nearly two weeks

Oil closed positive today, Sept. 16, recording its highest level in nearly two weeks as the dollar weakened and markets expected a large interest rate cut, despite weak data on the Chinese economy. 

Brent crude futures for November delivery rose 1.6%, or $1.14, to $72.75 a barrel. WTI crude futures for October delivery also rose 2.1%, or $1.44, to $70.09 a barrel.

Both benchmark grades closed at the highest levels since Sept. 3. 

The dollar index, which measures its value against a basket of major currencies, fell 0.35% to 100.77 points, at 10:30 pm Makkah time, with expectations of a 50 basis point interest rate cut increasing this week. 

Data released today showed that industrial production and retail sales in China grew less than expected in August. Meanwhile, Goldman Sachs and Citigroup lowered their growth forecasts for the world's second-largest economy. 

On the positive side, manufacturing activity in New York grew for the first time since November, while reports indicated that 12% of oil production in the Gulf of Mexico remains idle due to Hurricane Francine.